CFPB Provides Additional Guidance on HMDA Partial Exemption
Recently released rule to clarify exemption.
An informative and procedural rule to carry out and clear up questions about the partial exemption from the Home Mortgage Disclosure Act was recently released. The HMDA constructed an exemption that applies to the recent data categories added by Dodd-Frank and the HMDA rule adopted by the CFPB. This white paper reviews this clarifying rule and when it will become effective.
Practice leader, Mortgage Banking Group, Ballard Spahr LLP
Fellow, American College of Consumer Financial Services Lawyers
Chambers USA: America's Leading Lawyers for business, banking and finance: financial services regulation: consumer finance (compliance), national ranking, 2014 to 2017
Wrote MBA Compliance Essentials Loan Originator Compensation Resource Guide™, published by the Mortgage Bankers Association
Co-wrote, MBA Compliance Essentials TILA/RESPA Integrated Disclosure TRID Rule Resource Guide™, published by the Mortgage Bankers Association
Editor-in-chief, Mortgage Finance Regulation Answer Book 2011-2012, published by the Practising Law Institute; author of chapters on the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Home Mortgage Disclosure Act, and the Real Estate Settlement Procedures Act; and co-author of the Equal Credit Opportunity Act and Truth in Lending Act chapters
Counsels clients on residential mortgage regulatory matters, including ability to repay, TILA/RESPA integrated disclosure (TRID) rule, CFPB and other regulator supervision and examination, UDAAP and other Dodd-Frank matters
Frequent speaker and author on mortgage industry issues